UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported): July 15, 2015

South Dakota Soybean Processors, LLC
(Exact name of registrant as specified in its charter)

South Dakota
000-50253
46-0462968
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
100 Caspian Ave. PO Box 500
Volga, South Dakota
 
57071
(Address of principal executive offices)
 
(Zip Code)

(605) 627-9240
(Registrant's telephone number, including area code)
 
 
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))






Item 1.01    Entry into a Material Definitive Agreement.
On July 15, 2015, we entered into an amendment of the Master Loan Agreement with our lender, CoBank, ACB, of Greenwood Village, Colorado. See Item 2.03, the text of which is herein incorporated by reference.
Item 2.03    Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On July 15, 2015, we entered into an amendment of the Master Loan Agreement with our lender, CoBank, ACB, the terms of which affect our seasonal and revolving term loans. Under the seasonal loan, the amount that we may borrow is reduced from $15 million to $1 million until October 1, 2015, increases back to $15 million until May 1, 2016, at which time it returns to $1 million until the loan matures on September 30, 2016. Advances on the seasonal loan are secured and limited to qualifying inventory and accounts receivable, net of accrued commodity purchases. In addition, the interest rate on the seasonal loan is decreased by 0.50%. Prior to the amendment, the variable interest rate was LIBOR (One-Month LIBOR Index Rate) plus 2.70%, adjusted weekly. Under the amendment, the variable rate option is LIBOR (One-Month LIBOR Index Rate) plus 2.20%.
Under the revolving term loan, which is to provide working capital and funding for capital expenditures, the amount we may borrow is decreased from $14.2 million to $10.0 million. Beginning on March 20, 2017, the amount available for borrowing will decrease by $1.25 million every six months until the loan's maturity on September 20, 2020. In addition, the interest rate on the revolving term loan is decreased by 0.50%. Prior to the amendment, the variable interest rate was LIBOR (One-Month LIBOR Index Rate) plus 2.95%, adjusted weekly. Under the amendment, the variable rate option is LIBOR (One-Month LIBOR Index Rate) plus 2.45%.
All other material items and conditions under the Master Loan Agreement and subsequent amendments remain the same following this amendment. The amendment to the Master Loan Agreement and amendments to related agreements will be filed as exhibits in our next periodic report.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
SOUTH DAKOTA SOYBEAN PROCESSORS, LLC
 
 
 
Dated: July 17, 2015
 
/s/ Thomas Kersting
 
 
Thomas Kersting, Chief Executive Officer